Barrie is considered to be one of the fastest-growing cities in Ontario. Over the past year, Barrie has seen such a large increase in real estate prices, but is still much more affordable than other cities similar in its size in the province.
Demand from both local Simcoe County buyers and people moving north from the Greater Toronto Area has been driving the Barrie condo market and continues to thrive as we move through the spring market.
In April, there were 37 condo apartments that sold in Barrie. The average sale price was $530,156, which is up quite a bit from March, and the median price was $500,000.
Although the condominium market has not been as competitive as the freehold residential housing market has been, sellers still dominate this part of the real estate market. Last month, the sale-to-list ratio for a condo apartment was 103.5 per cent, showing us there are still multiple offers taking place and, in turn, putting upward pressure on prices.
Condo townhouse sales have been very strong so far in 2021. In April, there were 22 units that were recorded sold in Barrie with an average sale price of $479,307. Demand for this property type has increased considerably due to the tremendous hike in housing prices during the first quarter of the year. Not only were condo townhouses selling for 107.6 per cent of their original list price last month, but the average sale price has increased 44 per cent since April 2020.
Although there are monthly condo fees associated with owning a condo townhouse, it is still more affordable to purchase a condo townhouse rather than a freehold townhouse. This is because of the huge price gap between the condominium and housing markets. To put it in perspective, the average sale price for a freehold townhouse last month was $659,955, which is 31.7 per cent more than the average sale price of a condo townhouse.
There are currently a total of 49 condominiums for sale in Barrie, including 38 condo apartments and 11 condo townhouses. This is almost double the number of condos that were on the market this time last month.
Now that the nicer weather is here and the possibility of the lockdown coming to a close, expect more properties to be coming available.
* All stats are based on listings sold with the Barrie & District Association of Realtors